China announces price cuts for 17 foreign-made drugs as production costs fall
China will lower retail price caps on 17 kinds of pharmaceutical products by an average 19% effective December 12, the country’s economic planner and price regulator the National Development and Reform Commission (NDRC) said in a statement on Tuesday, reported by the Xinhau news agency. These will mainly impact drugs from multinational producers.
The move is expected to save consumers about 2 billion renminbi ($300.75 million) each year, according to the statement posted on the NDRC web site. The announcement is seen as the end of the super-national treatment to foreign drugmakers, a 21st Century Business Herald report said this morning, and is a signal that foreign pharmaceutical companies will have to say goodbye to the era of super high profits in China.
Market set to grow to $50 billion nexy year
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